Part 5: Policies and Community in Promoting ESG in Vietnam

However, a 2024 survey shows that 62% of businesses remain unaware of ESG-related regulations. This highlights the need to improve policy communication, ensuring that guidelines are easy to understand and implement.

Additionally, financial support policies such as green loan funds, tax reductions, or direct subsidies for small enterprises should be expanded. Such programs not only alleviate financial burdens but also incentivize stronger investment in sustainable projects.

Moreover, the government needs to develop national ESG standards similar to the EU Taxonomy, which can serve as a framework for evaluating and monitoring ESG practices. This would enhance transparency and facilitate access to international capital.

Communities and social organizations play a critical role in raising awareness and promoting ESG practices. Public engagement, from changing consumption behaviors to supporting sustainable products, can exert positive pressure on businesses.

Non-governmental organizations (NGOs) and business associations can act as intermediaries, helping businesses access information, organize training sessions, and provide platforms to share best practices. For instance, ESG workshops organized by the IPSC Project have helped many small businesses better understand the benefits and methods of implementing ESG.

Additionally, the role of media is indispensable. Awareness campaigns on ESG, such as encouraging green consumption and reducing plastic waste, can drive significant shifts in societal thinking. Collaboration between businesses and communities in sustainable development projects helps build trust and create shared value.

A prominent example is the Vietnam-EU partnership program aimed at reducing greenhouse gas emissions. Participating businesses benefit not only from financial support but also from opportunities to learn from international experts about environmental management and ESG strategy development.

Furthermore, connecting with organizations such as the International Sustainability Standards Board (ISSB) or ASEAN Taxonomy allows Vietnam to stay updated on global standards, thereby improving domestic businesses' competitiveness. Such partnerships also foster the creation of a sustainable ecosystem at regional and international levels.

Promoting ESG requires not only the efforts of businesses but also strong support from the government, communities, and international partners. A comprehensive strategy combining clear policies, effective communication, and active societal engagement will help Vietnam achieve its sustainability goals. ESG is not merely a trend but a foundation for the long-term development of the economy and society as a whole.